Blind Faith

This doesn’t sound good. Here’s what blind faith in capitalism will get you.

From Regulators seize troubled IndyMac by Catherine Clifford and Chris Isidore with Roddy Boyd:

In what could turn out to be the most expensive bank failure ever, troubled mortgage lender IndyMac Bank was taken over by federal regulators on Friday.

The operations of the Pasadena, Calif.-based bank - once one of the nation's largest home lenders - were shut down at 3 p.m. by the Office of Thrift Supervision and transferred to the Federal Deposit Insurance Corp.

According to the FDIC, 10,000 IndyMac customers could lose as much as $500 million in uninsured deposits. The agency says the failure will cost the Deposit Insurance Fund between $4 billion and $8 billion, based on preliminary estimates.

From the same article, here’s what blind faith in government will get you.

Even efforts to prop up the bank hurt it. Last month, Sen. Charles Schumer, D-N.Y., wrote a series of letters to regulators in Washington and California asking them to take steps to prevent the bank's "likely collapse." In response, about $100 million in customer deposits has been withdrawn from the bank, according to one of its filings.

Don’t get me started on what blind faith in religion will get you. That could overtax the whole intertube system. One thing it does get you is people like Bill Donohue trying to get other people fired.

Blind Faith was once a pretty good rock band, and that’s the only positive thing I’m going to say about it.